The first of a planned three-part series on the dangers of private banking highlights government documents describing plans to confiscate the deposits of individuals as well as cities, universities, counties and pension funds when another banking crash occurs.
The new rules for keeping the too-big-to-fail banks alive allow for the use of creditor funds, including uninsured deposits, to recapitalize failing banks. In the event of another crisis, access to your money would depend on the security of the FDIC. The question, then, is how reliable is the FDIC?
A hacker using the alias “Neo” has attained almost cult status in Latvia after releasing through Twitter the confidential financial data of allegedly corrupt banks and state-owned companies that profited from the global recession.